Maryland Announces $31.7 Million in TCAP Funding for Affordable Rental Housing Developments

CROWNSVILLE, MD (August 20, 2009) – Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner has authorized 15 multifamily rental housing projects to receive $33,526,411, including $31.7 million in funding through the federal Tax Credit Assistance Program (TCAP). TCAP is a component of the American Recovery and Reinvestment Act of 2009 and provides additional funding to eligible projects that have already received federal Low Income Housing Tax Credits through DHCD’s traditional competitive application process for rental housing funds. Projects receiving TCAP awards were selected based on their readiness to close on all financing and begin construction. Per federal regulations, all TCAP funds must be used by February 16, 2012. All unspent funds after this date must be returned to the federal government.

 

"Maryland has been praised by the federal government for its speedy, transparent and effective management of Recovery funds in these tough economic times," said Governor Martin O’Malley. "We will continue our skillful distribution of resources with the Tax Credit Assistance Program, increasing affordable housing opportunities and creating jobs for Marylanders."

TCAP awards will fund 15 projects in nine jurisdictions in Maryland – Allegany, Anne Arundel, Baltimore, Cecil, Dorchester, Garrett, Harford, and Howard Counties, as well as Baltimore City. These projects will create 1,439 units of affordable rental housing for Maryland’s workforce families and senior citizens. Total development costs for the 15 projects is estimated to be $216,681,852. This investment, both public and private will increase the stock of affordable rental housing, revitalize communities and create jobs. For a detailed summary of the projects receiving awards, refer to the list included below.

 

TCAP provides grant funding for capital investment in Low Income Housing Tax Credit projects via a formula-based allocation to State housing credit allocation agencies. The housing credit agencies in each State distribute these funds competitively and according to their qualified allocation plan. TCAP awards are intended to jumpstart stalled projects by filling the funding gaps between the amount of private equity originally expected to be generated by the sale of Low Income Housing Tax Credits and the actual reduced amount generated due to changes in the market for tax credits.

 

"Due to fluctuations in the market, many affordable rental housing projects funded by tax credits were forced to slow or, in some cases, stall their progress," said Secretary Skinner. "By providing TCAP assistance to these shovel-ready developments, we can revive these projects, have a positive impact on the economy and put housing back to work in Maryland."

 

The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD, the Community Development Administration’s (CDA) multifamily housing programs and TCAP, visit www.mdhousing.org.

 

Total Awards: $33,526,411
TCAP Awards: $31,700,000
Total Units: 1,439

 

Project: Cumberland Meadows
Sponsor: The Woda Group
County: Allegany
Occupancy Type: Elderly
Type of Construction: New construction
Total Units: 64
Award: $2,727,000

 

Project: William Booth Towers
Sponsor: National Housing Development / NHT Enterprise
County: Allegany
Occupancy Type: Elderly
Type of Construction: Rehabilitation
Total Units: 114
Award: $3,000,000

 

Project: Admiral Oaks Apartment
Sponsor: CPDC, Inc.
County: Anne Arundel
Occupancy Type: Family
Type of Construction: Rehabilitation
Total Units: 159
Award: $727,421

 

Project: Glenview Gardens
Sponsor: Glenview Housing, Inc.
County: Anne Arundel
Occupancy Type: Family
Type of Construction: Rehabilitation
Total Units: 204
Award: $2,000,000

 

Project: Hammarlee House
Sponsor: Rellim Development / Stavrou Co.
County: Anne Arundel
Occupancy Type: Elderly
Type of Construction: New construction
Total Units: 55
Award: $2,700,000

 

Project: Park View at Severna Park
Sponsor: Shelter Development
County: Anne Arundel
Occupancy Type: Elderly
Type of Construction: New construction
Total Units: 103
Award: $2,000,000

 

Project: City Arts Apartments
Sponsor: Homes for America / Jubilee / TRF
County: Baltimore City
Occupancy Type: Family
Type of Construction: New construction
Total Units: 69
Award: $2,635,000

 

Project: Wayland Village
Sponsor: Enterprise Housing Corporation / Unity Properties
County: Baltimore City
Occupancy Type: Elderly
Type of Construction: New construction
Total Units: 90
Award: $2,000,000

 

Project: The Greens at Liberty Road
Sponsor: Enterprise Housing Corporation
County: Baltimore
Occupancy Type: Elderly
Type of Construction: New construction
Total Units: 105
Award: $2,000,000

 

Project: Cedar Hill
Sponsor: Osprey Property Company
County: Cecil
Occupancy Type: Family
Type of Construction: Rehabilitation
Total Units: 77
Award: $2,000,000

 

Project: North Creek Run
Sponsor: Conifer Realty
County: Cecil
Occupancy Type: Family
Type of Construction: New construction
Total Units: 53
Award: $3,000,000

 

Project: Conifer Village at Cambridge II
Sponsor: Conifer Realty
County: Dorchester
Occupancy Type: Elderly
Type of Construction: New construction
Total Units: 70
Award: $3,000,000

 

Project: Liberty Mews
Sponsor: GCCAC
County: Garrett
Occupancy Type: Family
Type of Construction: New construction
Total Units: 36
Award: $2,336,990

 

Project: Perryman Station
Sponsor: Stavrou Co. / Rellim Development
County: Harford
Occupancy Type: Elderly
Type of Construction: New construction
Total Units: 80
Award: $3,000,000

 

Project: Sierra Woods
Sponsor: Enterprise Housing
County: Howard
Occupancy Type: Family
Type of Construction: Rehabilitation
Total Units: 160
Award: $400,000